Exhibit 12
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(in Millions of Dollars)
Fiscal Year Ended
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December 28 December 30 December 31 January 1 January 2
1996 1995 1994 1994 1993
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Earnings before income taxes and
cumulative adjustment for accounting change $174.2 $112.8 $201.8 $148.0 $158.1
Add:
Portion of rents representative of
interest factor $12.2 $13.4 $12.7 $11.7 $12.2
Interest expense 27.6 35.2 33.1 31.4 32.6
Amortization of expense on
long-term debt 0.2 0.3 0.2 0.4 0.7
Amortization of capitalized interest 0.3 0.3 0.4 0.4 0.4
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Income as adjusted $214.5 $162.0 $248.2 $191.9 $204.0
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Fixed charges:
Interest expense $27.6 $35.2 $33.1 $31.4 $32.6
Amortization of expense
on long-term debt 0.2 0.3 0.2 0.4 0.7
Capitalized interest 0.2 0.1 - 0.1 0.1
Portion of rents representative of
interest factor 12.2 13.4 12.7 11.7 12.2
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Fixed charges $40.2 $49.0 $46.0 $43.6 $45.6
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Ratio of earnings to fixed charges 5.34 3.31 5.40 4.40 4.47
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